Life + Health Insurance from AmeriCU Insurance Services
Whether you need life insurance, health insurance or Medicare, we’ll sit down with you and develop a plan together. Do you know how much coverage you really need, what exclusions your plan has, how much you’re paying, or how your plan works when you need to make a claim?
If you passed away, would your family be able to maintain the lifestyle they currently enjoy? Would your spouse or children be able to pay any bills that you may leave after you are gone?
Our team can help answer all of your insurance questions. At AmeriCU Insurance Services, we don’t push products – we work with you to build a long-term relationship so you get the right coverage at the right price. AmeriCU Insurance Services works with the leading insurance companies and our agents are licensed, professional, experienced and easy to talk to.
AmeriCU Insurance Services can get you the right insurance at the right price. Contact our team of licensed agents today to ask us about:
- Life & Disability Insurance
- Term Life Insurance
- Whole Life Insurance
- Permanent Life Insurance
- Universal Life Insurance
- Health Insurance
In addition to our full service insurance offerings, AmeriCU Insurance Services now offers Medicare Plans!
Turning 65 this year? Already a Medicare recipient and losing your company sponsored retiree health coverage? Recently moved to the area? Set up an appointment to talk to one of our Medicare Specialists about your options today!
In the North Country, contact Erin Cordova at 800.352.9699 or email@example.com. In the Syracuse, Utica/Rome, or Cortland area contact Paul Holgate at 800.352.9699 or firstname.lastname@example.org to get started.
Insurance Service Center
Our team of licensed, knowledgeable agents can make insurance easy to understand and will work with you to protect your personal items and your life! If you want straight-forward, easy to understand answers, and a fair and competitive price, then call us at 800.352.9699, email us at email@example.com, or visit an AmeriCU Financial Center to make an appointment today. Find a financial center.
Life & Health Insurance Resources
Having sufficient life insurance is important. And yet, so many of us buy into popular misconceptions, convincing ourselves we don’t need to bother purchasing a policy. But don’t be fooled. Read on to see how seven of the most widespread life insurance myths are easily debunked.
Myth #1: I’m single and I have no dependents. There’s no reason for me to get life insurance. Actually, there is good reason for you to have life insurance as a single person. First, every person should have enough funds to cover their funeral costs and end-of-life medical bills. You don’t want to leave your family or executor with a legacy of debt and unpaid bills. Second, purchasing a life insurance policy is the best way to be remembered for your generosity. You can choose your favorite cause to be the beneficiary of your death payout, helping improve the lives of others after you’re gone.
Myth #2: I’m a stay-at-home parent who doesn’t earn an income. My partner needs life insurance; I don’t. Unless you sit at home twiddling your thumbs all day, the tasks that fill your time will need to be outsourced to hired help if you suddenly pass on. Your better half may need to pay for cleaning help, a cook or a nanny – or maybe all three! All that costs money, and that money can come from the insurance payout from a homemaker’s policy.
Myth #3: Why would I waste my money on an insurance policy when I can invest that same money and earn higher returns? Are you sitting on millions? Unless you can honestly answer that with a “yes,” you’re better off putting your money somewhere safe with a guaranteed payout – like a life insurance policy. Investments are never 100% safe, and you don’t want to leave your dependents with an iffy source of funds. The only exception to this rule is for the truly wealthy who have more than $1 million in liquid assets and have their funeral costs and medical bills covered. For the rest of us, life insurance is the way to go.
Myth #4: Life insurance is too expensive. I can’t afford it! The idea that that life insurance is too expensive is just hogwash. A recent Life Happens study revealed that 80% of uninsured people who claimed life insurance was too expensive had overestimated its cost. A 20-year level term policy for a healthy 30-year-old usually falls in the ballpark of $150 a year. That’s peanuts compared to the benefits of having life insurance and the security of knowing your loved ones will be taken care of after you’re gone.
Myth #5: I’m too young to worry about life insurance. Actually, there’s no better time to purchase a life insurance policy than when you’re young and hearty. The premiums are far less expensive for those under age 35, and most people in that stage of life do not have sizable assets to pass on to their dependents. The longer you wait to buy a policy, the bigger chance you have of developing a medical condition that will significantly raise your monthly premiums. Most importantly, dependents of the 25-35 age group will definitely be too young to be financially independent and their livelihood will depend on the death payouts..
Myth #6: My children are independent adults. Why would I need life insurance? Leaving your dependents with an inheritance that helps them purchase a home, start a business or even put some money away for a rainy day is a better way to provide for your children, regardless of their stage in life, than leaving them with the burden of funeral expenses and medical bills. Just the cost of a funeral and burial can top $8,000! It’s always best to have these expenses covered before it’s too late.
Myth #7: My job offers a life insurance policy for all employees. If I leave my job, I can always take the policy with me. Unfortunately, this is false. Most employer-offered life insurance policies are not portable. If you leave your job, for whatever reason, you’ll also be leaving your life insurance plan. No one can predict the future, and there’s no way to know you’ll remain at your current workplace forever. That’s why it’s best to purchase a separate life insurance policy, even when your employer provides you with one. Plus, buying your own policy will allow you to choose one that best suits your needs. It’s never fun to think about what will happen after we’re gone. Taking the time to plan for end-of-life expenses, though, and leaving loved ones with enough to live on when we’ve passed, is the responsible thing to do. Don’t let a life insurance myth keep you from buying a policy!
This is the most basic form of life insurance, and often the least expensive option for those under the age of 50. Term policies are drawn up for a certain number of years, usually ranging from 1 to 10 years. They are renewable at the term’s end, but as the policyholder ages, the premiums will increase with each renewal.
There are several variations of term insurance, each with the same basic idea. One is a level term policy, in which the annual premium will be locked at a set amount for up to 40 years, depending on the insured’s age.
Another common variation, the declining balance term policy, is often used as a mortgage insurance. It’s set up to match the amortization schedule of the insured’s mortgage principal. The premium remains constant over the term of the policy, but the face value, or the policy’s original death payout, will decline throughout the term. Once the entire mortgage balance is paid up, the policy expires as the insurance is no longer necessary.
A third takeoff of term insurance is a return of premium term policy. This policy offers to repay all of your premium payments if you outlive your insurance’s term. By purchasing this kind of insurance, your premiums are guaranteed to stay in your family – either as benefits to your dependents or as money back in your own pocket.
One major caveat of term insurance is that the policies have no cash value; they are pure insurance. Benefits are only paid if the policyholder passes on during the policy’s term. At the term’s end, the policy will expire and no benefits will be paid in case of death unless the term is renewed. If you are considering term insurance, be sure to purchase a policy that is renewable up to an age when you think you will no longer need insurance.
Whole Life Insurance
Whole life insurance offers protection coupled with a cash value component. You can lock in your premium payments at a level rate as long as you are consistent with your payments. A portion of your premium goes toward increasing your policy’s cash value. As your cash value grows, you can borrow money against it, up to 90% of the policy’s entire cash value, completely tax-free. Bear in mind, though, that borrowing against your life insurance should only be done as a last resort as outstanding loans accrue interest, reduce the policy’s death benefit and increase the odds that the policy will lapse.
Universal Life Insurance
Universal life policies offer increased flexibility for policy holders. Premiums can go up or down, or even be deferred within certain limits. Cash values can be accessed and withdrawn, though this directly decreases the death benefit. Face values can be modified as well.
Universal life policy is the preferred choice for those who’d like lots of flexibility along with a guaranteed rate on cash value. Policy holders are afforded an annual statement clearly delineating the policy’s current cash value, total protection, cash value accumulation and a summary of all associated fees.
Variable Life Insurance
Variable life insurance promises fixed premiums and a slew of investment options for the financially savvy and the true risk-takers. The policyholder’s cash value will not lay dormant in the policy; instead, it will be invested in the insured’s choice of stock, bond or money market portfolio. Naturally, cash values and death benefits will fluctuate along with the investments’ performance.
Death benefits generally have a floor, so even if your stocks do terribly, your dependents won’t be left without any payouts. Conversely, cash values offer no guarantees; investing them means risking a significant loss, like any other investment. These policies usually have higher fees than universal life insurance. On the bright side, any cash value accumulation is allowed to grow tax-free, as long as the funds remain in the policy.
Universal Variable Life Insurance
In a convenient policy that combines the best features of universal and variable life insurance, this type of policy will offer investment options, along with the flexible premiums and the ability to modify face values that characterize universal insurance policies. Of course, this level of flexibility and volatility is not without risk.
Companies We Represent
*AmeriCU Insurance Services is affiliated with AmeriCU Credit Union. The purchase of insurance from AmeriCU Insurance Services is not required to obtain credit or other services from AmeriCU Credit Union. Insurance products are not credit union deposits and are not NCUA insured, nor are they obligations of or guaranteed by AmeriCU.